AEPS stands for Aadhaar enabled Payment System. It is a payment service that allows a bank customer with a Aadhaar linked bank account to make basic transactions like fund transfer, balance enquiry, cash withdrawal, cash deposit, etc.
## Benefits of AEPS:
1. AEPS is easy to use & provides secure payment service.
2. No Fraud: Since AEPS is based upon individual biometric so there is no chance or fraud or non-genuine payments.
3. AEPS allows inter-operability across banks.
4. AEPS can increase the reach of financial services to underbanked & unbanked areas through BCs (Business Correspondents.
5. Disbursement of Funds: it allows the govt. to disburse funds in NREGA & other social sector schemes using Aadhaar authentication & thereby ensuring that it reaches the beneficiaries.
## About Aadhaar No.
– 12 digit unique no.
– it stores demographic & biometric of the resident with photograph
– it is issued by UIDAI (Unique Identification Authority of India) on behalf of GoI.
With Great Love,
Er. Amit Yadav